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House. Comm. on Finance. Report on Treasurer's annual statement, 1842
House No. 16 On February 2, 1842, the Committee on Finance submitted a report: Last session, several large payments loomed, so a borrowing of
$70,000 at the Treasurer's discretion was authorized . However, through various savings efforts, including a pay cut for Legislators and a short session,
the year end balance was just over $75,000 to the good. The Committee expected receipts for 1842 to be about $498,000 with expenses of about
$369,000. P. 6 showed debts and liabilities; there was a discussion of how to handle various issues of scrip. It did not seem that a direct tax would be
necessary. The Committee submitted a debt plan and on p. 12, listed the state funds, such as the School Fund. An Act relating to the funded debt of
1839, 1842. Six sections provided direction for the disposition of the scrip. Resolve authorizing the Treasurer to borrow money in 1842. The
Treasurer could borrow up to $50,000 anytime before February 1843. On p. 17 was the Minority Report. It did not take a rosy view and gave a rather sarcastic
statement of the financial situation. The present Governor inherited a substantial Treasury, but look at it now! The minority decried the
extravagant spending, heavy borrowing, and interest payments. On p. 25, they laid out their version of the financial statement: Receipts of $498,000 with
expenses of $913,000. They were contemptuous of the majority's explanations and plans. They thought the county transfer and probate court expenses were
unjust and that several of the present taxes were yielding less every year. If, a big if, the Legislature came up with more retrenchment ideas, then
a direct tax was not necessary. They held out no hope of this happening. (Digitized from a microfilm copy of title originally held by the Library
of Congress).
Title:   The Committee of Finance, to whom was referred the Treasurer's annual statement; together with so much of the annual message of His Excellency as relates to the finances of the state ... Report.
OCLC Number:   1413265298
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo